Top Players in Microturbine Market include Capstone Turbine, Bladon Micro Turbine, UAV Turbine, Ansaldo Energia, Aurelia Turbine, MTT Microturbine, FlexEnergy Inc., ICR Turbine Engine Corporation, Dresser-Rand, and Turbo Tech Precision Engineering Pvt Ltd
The global Microturbine Market is expected to grow mainly on account of the rising demand for clean energy. The overall microturbine market is expected to grow from USD 180 Million in 2018 to USD 360 Million by 2026 at a CAGR of 9.23% during the forecast period. According to a report, published by Fortune Business Insights, titled, “MICROTURBINE: GLOBAL MARKET ANALYSIS, INSIGHTS, AND FORECAST, 2018-2026” the shift from the turbocharger to microturbine technology is predominantly used in aerospace and automotive sector. This shift has pushed the market to rise at a rapid pace. One of the best properties of microturbines is that they are efficient and faster as compared to gas turbines.
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List of Top Key Players Mentioned:
“Capstone Turbine Corporation Leads the Market”
In the report, the analysts indicate that Capstone Turbine Corporation is leading the global microturbine market. The company has a significant customer reach and it earns the maximum revenue from regions such as Latin America and North America. Some of the other notable players in the global market are Bladon Micro Turbine, Ansaldo Energia, UAV Turbine, Aurelia Turbine, Brayton Energy, LLC., FlexEnergy Inc., MTT Microturbine, ICR Turbine Engine Corporation, Turbo Tech Precision Engineering Pvt., Ltd., and Dresser-Rand. Companies are constantly striving to gain a strong market position and expand their presence in developing as well as developed countries.
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Some of the developments are mentioned below:
“Growth Witnessed Attributed to Demand for Microturbines in Industrial Sector”
The trend for using microturbines is gaining the maximum traction in the industrial sector over others. The demand for microturbine generator is increasing among several industries which include oil and gas, mining, water treatment, and pharmaceuticals. The analysts in the report predict that this segment will dominate in the forecast years.
“Asia Pacific to Register Impressive Growth Through 2026”
Presently, the market in North America is leading as the U.S. covers the majority of the share. The growing awareness about carbon footprint leads to rising energy consumption, which is driving the market in this region. Stringent regulations by environmental organizations such as CAA are expected to create growth opportunities for the market in North America.
The market in Asia Pacific is anticipated to witness strong demand for microturbines in the forthcoming years. Demand for fuel-efficient vehicles is increasing in this region, which is likely to expand the market. Countries such as Indonesia, India, Malaysia, and Australia are responsible for the optimistic growth of the market. As per the report, China covered 40% of the market in the year 2018. Several projects are lined up in this region, which can help the market dominate in this region.
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“Increasing Focus on Green Energy Generation Escalates Demand for Microturbines”
“The growing concerns over Green House Gas (GHG) emissions and energy efficiency are acting as potential growth enablers in the market,” stated a lead analyst at Fortune Business Insights. “Microturbines have the ability to offer stable and reliable power as compared to the reciprocating engine, which makes it an ideal option for several industries to adopt,” he added.
Driven by the rising demand for clean energy, microturbines are used as the best source for clean energy generation. The poor grid infrastructure and wide availability of fuel are contributing to the growth of the market. Improved reliability and reduced costs of power generation are likely to augment demand for microturbines. Moreover, microturbine systems can be easily installed than conventional power plants and can avoid the risk of any probable losses.
Over the years, microturbine has emerged as a breakthrough development in CHP application. The exhaust heat produced by microturbine can be recovered with the help of a heat recovery boiler and overall efficiency can be increased. Growing environmental concerns such as high pollution levels and global warming are likely to fuel demand for CHP plants, which is driving the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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